NotaryCam Founder and CEO Rick Triola made a guest appearance on Monday’s episode of the Lykken on Lending radio show.
The show’s host and mortgage industry veteran David Lykken opened the segment by asking Rick to bring listeners up to speed on the Treasury department’s July 31 report on Nonbank Financials, Fintech, and Innovation. As Rick put it:
“One item of real significance for mortgage lenders, settlement agents and REALTORS is the Treasury’s recommendation that every state in the country passes legislation to expressly permit remote online notarization and to recognize remotely notarized documents across state lines … With the Treasury department supporting remote online notarization and more and more states putting laws on the books to support it, I truly believe we’re at a tipping point where we will finally see the industry move toward widespread adoption of this technology.”
Next, Rick gave a breakdown of the differences between eNotarization, remote online notarization (RON) and remote online closing (ROC). After addressing whether these solutions introduce fraud risk into the mortgage (spoiler alert: they actually REDUCE fraud risk), Rick outlined some of the competitive advantages ROC delivers to lenders, title companies REALTORS® and borrowers.
The segment wrapped up with a review of new legislation out of Texas. The Lone Star State is now part of the growing list of states that allow their notaries to perform remote online notarizations nationwide.
Click here to listen to the full episode on demand (Rick’s segment begins at 38:15).